Tag Archives: Forbes

Forbes co-editor Maidment departing

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Paul Maidment, co-editor of Forbes, announced Monday he will be leaving the company.

In a memo to his staff Maidment noted, “I am ready to advance to the next phase of my life. This is the right moment to make the break and take the plunge. I am proud of what we achieved at Forbes.com.”

Responding to the announcement Steve Forbes, editor in chief, said of Maidment: “Under Paul’s leadership as its editor, Forbes.com has become one of the most trusted and authoritative business and finance sites on the web, solidly founded on the traditions of the Forbes’ brand and voice. During his decade-long tenure, the website’s audience increased eleven-fold, and the range and scope of the editorial offerings and innovations on the site expanded vastly. We wish Paul every future success and we are deeply grateful for his contributions over the past ten years.”

Previous to joining Forbes.com, Maidment launched the FT.com. In recognition of his work as editor of Forbes.com, Maidment was inducted into the MIN Digital Hall of Fame in 2010, won the Media Business Innovation Award in 2007, won three Editorial Excellence awards for the site and an Editor of the Year Award. In addition, the video column he wrote and presented on international political economy, Notes on the News, won Best Online Business Video Award in 2008.

Forbes staff asked to help boost Twitter followers of company CEO

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The staff at Forbes magazine has been asked to work toward increasing the number of Twitter followers for CEO Steve Forbes, according to a reporter from Dan Frommer of The Business Insider.

Frommer writes, “Here’s the memo that was sent to employees, which Business Insider has obtained:

Folks,

We are making a big push for Steve Forbes on Twitter. He only actively started tweeting a few weeks ago, and we would like to make his community as large and involved as possible. We are using many different resources/approaches/strategies to get him more followers in the short-term, but I wanted to ask your help as well.

If you are on Twitter, it would be great if you could mention Steve’s account (@SteveForbesCEO), and let your own followers know he is now tweeting. If you aren’t on Twitter, now is a great time to start getting involved! I’m happy to sit down with anyone who wants a quick tutorial, help session, or just to chat about it.

Thank you all in advance for your support with this initiative.

“So, don’t forget to follow Steve, where you’ll be treated to nuggets like, ‘Up market today means no new crash. Prediction-market will end the year at around 12,000. Economy is growing,’ and ‘Very excited to head out the #Yankees game this weekend!’”

Read more here.

Was iPad breach story ignored by mainstream business media?

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Taylor Buley of Forbes reports that the iPad hacking breach via AT&T story broken Wednesday by Ryan Tate at Valleywag was offered first to mainstream business media such as Reuters and the San Francisco Chronicle, but they ignored the story.

Buley writes, “According to ‘Weev,’ a well known Internet ‘activist’ who we likened to Shakespeare’s Puck after a baffling Amazon.com security incident last year, the ‘Goatse’ security group alerted various members of the mainstream press via email before granting Gawker’s Tate an exclusive on the data.

“‘i disclosed this to other press organizations first (ones who had ipad users affected by the breach, lol) and was ignored,’ writes Weev in an email. ‘gawker found out and ran with it immediately.’

“To prove it, Weev sent Forbes copies of emails sent to press at Reuters, News Corp, The Washington Post and The San Francisco Chronicle. The veracity of the emails has not been confirmed, but each has a timestamp dating back to Sunday night.

“One of the purported emails is included at the bottom of this post. For privacy, some information has been redacted but it was addressed to 11 Reuters email addresses, including editor@reuters.com and reuters@reuters.com.”

Read more here. Robert MacMillan, a Reuters reporter and editor, Tweets Wednesday night that he does not recognize any of the e-mail addresses at Reuters.

Forbes CEO sued by Kozlowski

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Dennis Kozlowski, the former CEO of Tyco International who is now in prison, is suing Forbes CEO Steve Forbes for libel, reports Jonathan Stempel and Jennifer Saba of Reuters.

Stempel and Saba write, “In papers filed Friday with the New York State Supreme Court in Manhattan, Kozlowski alleged that ‘false and defamatory statements’ about him were published in Forbes’ 2009 book ‘Power, Ambition, Glory: The Stunning Parallels Between Great Leaders of the Ancient World and Today … and the Lessons You Can Learn.’

“The complaint seeks unspecified compensatory damages, plus punitive damages equal to triple the compensatory award. John Prevas, a faculty member at Eckerd College in St. Petersburg, Florida, and co-author of the book, is also a defendant.

“Forbes is editor-in-chief of Forbes magazine, and Random House, publisher of the book, is owned by Germany‘s Bertelsmann AG.”

Read more here.

Forbes enters capital-raising business

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Dan Primack of Private Equity Hub, a Thomson Reuters operation, reports that Forbes is lending its name to a capital-raising operation.

Primack writes, “peHUB has learned that a new effort called Forbes Private Capital Group recently launched, with plans to raise third-party capital for private funds and transactions. Much of the marketing will be aimed at wealthy families and individuals – i.e., Forbes’ target market — although it also will work to raise money from institutional investors.

“The man in charge is Todd Morley, who isn’t new to this sort of thing. In 1999, he co-founded Guggenheim Partners, which now has $100 billion in assets under management. He more recently founded an investment management firm called G2 Investment Group, which is where Forbes Private Capital Group will be housed.

“‘I have a social relationship with some of the Forbes family from my time with Guggenheim, so they are very familiar with what we did over there,’ Morley says. ‘I think they saw this as a natural segue from the media business into the financial services business.’”

Read more here. There was no discussion in the article about the potential conflict of interest for Forbes reporters covering private equity.

Forbes to make layoffs under new leader?

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Amy Wicks of Women’s Wear Daily reports Thursday that potential layoffs are coming to Forbes magazine under new leader Lewis Dvorkin.

Wicks writes, “It looks like another wave of layoffs is coming to Forbes. Although True/Slant founder Lewis Dvorkin doesn’t officially assume responsibility for all of Forbes’ editorial areas as chief product officer until Tuesday, insiders say he has been paying close attention to the masthead since he started consulting for the company last month. This time around, it is believed layoffs will affect the top of the masthead, which currently boasts two chief editors (William Baldwin on the print side and Paul Maidment for online), four managing editors, seven executive editors and 11 department heads. (Lucy Maher, who was the eighth executive editor and headed up the lifestyle channel, just resigned from the magazine. She is moving to Hearst Magazines Digital Media as executive director of network programming, effective June 7.) ‘He’s going to be ruthless about the cuts,’ said one insider of Dvorkin.

“It’s no news morale has been at rock bottom at Forbes, nor that the company has been hurting financially. In January, Forbes sold its lower-Fifth Avenue headquarters to New York University. Last year, the company laid off about 100 workers and auctioned off its wine collection. And things aren’t necessarily looking up. Year to date, ad pages in the magazine have declined about 22 percent, according to Media Industry Newsletter. Most of its competitors, meanwhile, have posted only single-digit declines in ad pages. And in the second half of last year, Forbes’ newsstand sales were down about 9 percent compared with the same period of 2008, according to the Audit Bureau of Circulations. A Forbes spokeswoman denied the speculation, saying: ‘There has been no talk of layoffs.’ Dvorkin was unavailable for comment.”

Read more here.

What True/Slant means to Forbes

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Sheila Shayon of Brand Channel writes Wednesday about what Forbes‘ acquisition of True/Slant will mean to the business magazine.

Shayon writes, “It’s fighting for its life in a media category, business journalism, that has been in a state of turmoil in the past year, with BusinessWeek sold to Bloomberg, Fortune changing its frequency and the Wall Street Journal launching a New York edition to take on the New York Times.

“The WSJ, the Financial Times and the Economist, in particular, have weathered the recession better than the house that flamboyant patriarch Malcolm Forbes built, which has been struggling for some time.

“By acquiring the year-old True/Slant, Forbes can tap into its network of bloggers and so-called ‘knowledge experts,’ freelancers who write about politics, culture, sports, business, health, science and food. With 300-plus contributors, Dvorkin projects ‘a record’ 1.5 million unique True/Slant visitors in May.

“Known for decades as catering to the world’s wealthiest, the family-built media brand was founded on the notion that ‘business was originated to produce happiness.’ That mantra hasn’t been enough to shield Forbes from recessionary dip in ad sales. While its website has survived with traffic-generating slideshows and lists, online ad sales aren’t enough to pay the bills.”

Read more here.

Forbes magazine to undergo redesign

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Forbes‘ acquisition of True/Slant means that its flagship business magazine will undergo a redesign under new company chief product officer Lewis Dvorkin, according to a company release.

The redesign follows those unveiled earlier this year by competitors Fortune and Bloomberg BusinessWeek.

Dvorkin, the founder of True/Slant, will be joining Forbes to lead all editorial areas at Forbes as chief product officer effective June 1.

Dvorkin started consulting with Forbes in April of this year. He had been executive editor of Forbes magazine from December 1996 to April 2000.  In his new capacity, Dvorkin is charged with creating and implementing many new initiatives in the editorial product and the engagement of Forbes’s audiences. He will oversee a re-architecting the Forbes.com website; redesigning the magazine; and will assume responsibility for all editorial product across Forbes.

“To participate and lead Forbes into its next stage of media life is truly exciting,” said Dvorkin in a statement.  “Forbes is a trusted brand with deep and specific meaning to those interested in information that inspires and enables them to succeed and to create wealth.”

He continued, “With all of Forbes’s great experts, the wealth of Forbes data, and its real-time web features, we have a unique ability to stimulate the social media conversation. Our journalists, producers, audiences, marketers and all variety of entrepreneurs will be engaged as they never have been before with one another. Forbes is stepping ahead of everyone on this one.”

Dvorkin brings 35 years experience in both old and new media platforms. Besides his years at Forbes, Dvorkin was page one editor of The Wall Street Journal, a senior editor at Newsweek, and an editor at The New York Times. After leaving Forbes, Dvorkin was senior vice president, programming at AOL, where he was responsible for News, Sports and Network Programming and played a significant role in the launch of TMZ.com.

Forbes to acquire True/Slant

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Forbes Media plans to acquire online news platform company True/Slant, according to a post from the company’s founder, Lewis Dvorkin.

Dvorkin writes, “The small True/Slant team, with more than 100 years of Web, publishing and TV experience, will now be working side-by-side with talented and dedicated journalists at Forbes Media. The goal: to work together to further develop a mindset around the  power of the Web and traditional news values. With hard work, we can implement new blogging platforms and more efficient digital, print and video content creation models; we can find better ways for audiences to engage with news and information; and we can pursue new integrative approaches for marketers and advertisers.

“The Forbes brand has deep meaning for audiences, journalists and marketers. The brand befits the entrepreneurial spirit that is so vital to capitalism and business creation. Working together as one team, we can propel a great and storied brand into the next stage of its media life.

“We always told our 300+ contributors that True/Slant was their digital home. We watched as they provided context and perspective on the news, conducted interviews and even broke some news. We were inspired and we learned so much as they used our tools to publish and connect with the audience and fellow T/S contributors.

“Our contributors believed, and that meant everything to us. We will always be grateful for your pioneering spirit, dedication and professionalism. As True/Slant transitions, some of you may be interested in moving with us to Forbes. We look forward to discussing the possibilities with you.”

Read more here.

The bubble on bubbles

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Sean Dougherty writes on Forbes.com about how the business media seems to want to call a bubble on every investment these days.

Dougherty writes, “This is in large part because the business media still feel guilty about missing the housing bubble–even though article after article was written about the ahistorical rise in home values and what a slowdown could mean to the economy. Holman Jenkins of The Wall Street Journal recently listed a string of articles in his paper alone beginning as early as 2001. Few people knew enough to listen, but that doesn’t mean we weren’t warned.

“Now the business media race to declare every appreciating asset class you can name a bubble, so we won’t get fooled again, even if we weren’t fooled the first time. In the past six months, writers for national business media have declared the following 18 asset classes bubbles: real estate in China, Dubai, the U.S., Canada and London, the Chinese economy, Greek bonds, emerging markets, the whole international currency carry trade system, gold, corporate bonds, treasury bonds, municipal bonds, the environment, private equity, church construction, container shipping and garlic, plus — even though it’s not exactly an asset class — ethics. Business Finance, a trade magazine for financial executives, carried a blog in February warning of a surge in honesty brought on by the recession and predicting a rebound for corner-cutting once there gets to be more money on the table.

“Calling the garlic market a bubble was particularly galling because the story, on Fortune magazine’s website on March 24, acknowledged that the price was rising only because the top producer, China, cut back its supply. If we’re going to call any effect of supply and demand an asset bubble, then what does the term even mean?”

Read more here.